A significant backer of Partick Thistle Football Club has been sold to a London-based financial advice and fund management group.
Industry veteran Douglas McCrea received a “competitive” payment for McCrea Financial Services, which is also rugby team Glasgow Warriors’ longest-standing sponsor, in the deal with national operator One Four Nine.
Mr McCrea, who set up the Glasgow-based business in 1999, will remain at the parent firm, which said the acquisition of the Firhill club sponsor is its largest to date. One Four Nine said McCrea “fits with our DNA and our culture” and is its third purchase north of the Border.
One Four Nine last year purchased APC Financial Solutions & Consultancy Services, also Glasgow-based, and Russell Gibson Financial Management in Aberdeen, when it put its assets under management to more than £800 million, across 2,500 clients, taking staff numbers close to 70.
The McCrea acquisition expands the group’s national footprint to 4,000 clients with £1.3 billion in assets across seven locations, with “well over 100 employees across the country”.
It expects to make further acquisitions in Scotland.
READ MORE: London fund manager expands into Scotland with Glasgow acquisition
In an exclusive interview with The Herald, Matthew Bugden, One Four Nine chief executive, said McCrea’s community profile is an important part of the business.
“We bought Angela Proctor’s business in Glasgow, we’ve also bought Russell Gibson in Aberdeen, and as a result of acquiring firms in cities people refer us to other people because they are proud of the journey they have been on with One Four Nine,” he said.
“We are delighted with the acquisition of McCrea, it has a huge local presence with Glasgow Warriors and Partick Thistle."
He continued: “Douglas is a big character and has embedded success and planning within his own firm for the benefit of his clients.
“McCrea as a firm has a very big local footprint, particularly in the west of Scotland.
"It is very well-known, it has a great marketing and networking capability that we would like to capitalise on both within Scotland and also within the rest of the One Four Nine group with a view to increasing the number of clients it has and that we at One Four Nine have both in Glasgow and beyond.”
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He said: “I think we have to work with Douglas quite carefully on what our future ambitions are.
“When you buy a company you buy all of its existing commitments and those commitments we will look to support and fulfill.
“What Douglas has demonstrated within McCrea Financial Services is the ability to generate new clients through brand awareness and that is really interesting for us.”
He said: “I can’t comment on specific sponsorship opportunities, but suffice to say what Douglas has done at that firm growing the client base and being a local figurehead and supporting local initiatives is very important to us and close to our heart.”
He said Mr McCrea has a key role within the business structure.
“Douglas is a very strong character within the McCrea venture. He is a very important part of our role in the west of Scotland,” said Mr Bugden.
READ MORE: McCrea expansion continues in Glasgow
“Clearly, individuals that look at their own succession planning have one eye on the future, and we know that, but Douglas is going to be an integral part of McCrea Financial Services at One Four Nine just like Angela is at APC and Alan [Ball] and Tom [Hyslop] are in Russell Gibson.
“They form a big part of One Four Nine for years to come and Douglas is no different.”
He said: “Whilst it would not be appropriate to share exactly how much we paid Douglas, I think it is important to know that the price is competitive.”
Mr McCrea, said he is “delighted to be joining One Four Nine”, adding "the emphasis they place on looking after clients is paramount”.
“They are very much a people business both with staff and also with their aim to look after both new and existing clients which is very much at the heart of how we have built McCrea over the last 24 years,” said Mr McCrea.
“After almost 40 years in the industry I felt a huge responsibility to ensure the future of our staff and clients are in good hands for the many years ahead.
“Having spoken to many companies over recent years they were a stand-out and my staff and I are looking forward and excited for the next stage in our journey as part of a nationwide, independent advisory firm delivering excellence in customer service looking after our clients.”
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